TDS on salary FY 2021-22

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Pivate
1492 Points Posted on 28 March 2022
Sir,

employee salary is Rs.240000/- per annual so TDS on applicable on salary or note
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On 28 March 2022 at 12:46 Report
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Quick Summary
This discussion clarifies that TDS (Tax Deducted at Source) on salary is not applicable for the financial year 2021-22 if the annual salary is below £2.5 lakhs. It also touches upon the concept of 'carrying amount' in accounting, explaining it as the value of an asset on the balance sheet after deducting accumulated depreciation. While TDS may not be applicable, filing an Income Tax Return (ITR) is still recommended in certain cases.

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Chartered Accountant
973 Points Posted on 28 March 2022
No, as the salary per annum is below 5L, so TDS is not applicable.

for any details/queries you could contact caankithjain @ gmail.com.
1 Reply
On 28 March 2022 at 13:28
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3145 Points Posted on 28 March 2022
TDS is not applicable
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On 28 March 2022 at 13:29
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CFO- at NHTF
58280 Points Posted on 28 March 2022
2.5lacs is the basic exemption and rebate is applicable upto 5lacs..

Since the salary is below BEL , Tds is not applicable on your salary
1 Reply
On 28 March 2022 at 13:51
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3145 Points Posted on 28 March 2022
Dear,eswar Reddy sir what is mean by carrying amount in accounting and also in PPE
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On 28 March 2022 at 13:53
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CFO- at NHTF
58280 Points Posted on 28 March 2022
PPE means Property Plant and Equipment. Earlier accounting of assets was under fixed Assets now it is PPE
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On 28 March 2022 at 13:55
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3145 Points Posted on 28 March 2022
Carrying amount meaning and some examples
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On 28 March 2022 at 13:56
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CFO- at NHTF
58280 Points Posted on 28 March 2022
Carrying amount means amount of PPE as per balance Sheet.

Cost - Accumulated depreciation or

WDV - Depreciation
1 Reply
On 28 March 2022 at 14:02
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3145 Points Posted on 28 March 2022
For example I have a machinery worth RS 2,50,000 after the depreciation the assume amount is for example 55,000 means ....here the what is the carrying amount ??
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On 28 March 2022 at 14:06
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CFO- at NHTF
58280 Points Posted on 28 March 2022
55000/- is the carrying amount
1 Reply
On 28 March 2022 at 14:08
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3145 Points Posted on 28 March 2022
Thank you eswar Reddy sir....
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On 28 March 2022 at 14:09
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Profession
28267 Points Posted on 28 March 2022
The assesse age is not mentioned here.So pls update the details.
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On 28 March 2022 at 14:24
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CFO- at NHTF
58280 Points Posted on 28 March 2022
Yeah.You are right if the assessee is senior citizens the BEL may shift to higher ceiling
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On 28 March 2022 at 14:32
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Profession
28267 Points Posted on 28 March 2022
Your salary is much below rs.2.4 lacs.
let me explain. I will advice you to file returns.
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On 28 March 2022 at 15:33
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CFO- at NHTF
58280 Points Posted on 28 March 2022
Tds is not applicable and also ITR filing is not required
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On 28 March 2022 at 15:38

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